In this episode of Coin Street headlines, we dive into the latest developments in the cryptocurrency market as bitcoin and ether experience significant declines. With bitcoin dropping as much as 6% and Ether more than 7%, traders are on high alert for potential further downturns. We discuss the critical support level for Bitcoin at $80,000 and the implications of low inflows into bitcoin ETFs. Join us as we analyze the challenging month of November for the crypto industry, where Bitcoin’s price fell by 20% and the stablecoin market saw a $2 billion capitalization decrease. We also explore the insights from Strategy CEO Phong Le regarding Bitcoin’s stock performance and the potential need for Strategy selling if conditions worsen. Additionally, we cover the upcoming difficulty adjustment for bitcoin mining, projected for December 11, and the challenges facing the mining industry, including regulatory issues and rising energy costs. Finally, we highlight the recent rally in crypto-linked stocks, driven by increasing odds of a Federal Reserve rate cut, and the performance of U.S.-listed Bitcoin miners like Cleanspark, Riot Platforms, and Cipher Mining. Jane King with the latest from the NYSE.
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Cryptocurrencies fell sharply Sunday night into Monday, with Bitcoin sliding as much as 6% and ether dropping more than 7%.
Traders are bracing for bigger moves lower with the key support lever for Bitcoin at $80,000 amid concerns over meager inflows into Bitcoin ETFs and the absence of dip buyers.
And this comes after a tough month of November for crypto with Bitcoin price down 20%. and the stablecoin market capped down $2 billion.
Well, strategy would consider selling Bitcoin only if its stock falls below net asset value and the company loses access to fresh capital.
Executive Fong Le told the What Bitcoin did show that if strategies multiple to net asset value were to slip under one and financing options dry up, unloading Bitcoin becomes mathematically justified to protect what he called. yield per share.
However, he noted the move would be a last resort, not a policy shift.
Well, the Bitcoin mining difficulty is projected to increase during the next difficulty adjustment scheduled for December 11th as hash price, a critical metric that measures expected minor profitability per unit of computing power, sits at record lows.
The mining industry continues to face mounting challenges, including regulatory bans or restrictions, rising energy costs, and geo.
Political tensions between the US and China that could disrupt critical equipment supply chains.
Well, several cryptolink stocks climbed on Friday as the prediction market odds of a December Federal Reserve rate cut surged to 87% on polymarket, the highest in a month, 3 US listed Bitcoin miners led the rally with Clean spark, riot platforms, and cyber mining, all rising in this session.
The Federal Reserve meets December 9th and 10th, and that is the latest Coin Street headlines.